Mobileye stock began trading under the ticker symbol MBLY.. Mobileye employees are shown supporting the development of core technologies that enable driver assist and autonomous driving, includeing the EyeQ system-on-chip. According to a Tuesday filing, Mobileye is targeting an IPO that would value it at $15.9 billion, or about $18 to $20 per share. 7th December 2021. Spinning off Mobileye doesnt mean that Intel has no ambitions to serve the automotive market. The History of Mobileye: From Founding to Listing Day, Drive through the evolution of Mobileye from where it started, to where it is today as it celebrates again becoming a publicly listed company on Nasdaq. foundation on which the future of autonomous driving will be built, German governments recent decision to legalize autonomous cars, attempting to launch a service in San Francisco, because of its reliance on U.S. customers, Mercedes-Benz and Volvo Cars as customers. Making the world smarter, happier, and richer. Based on an ownership ratio of 0.1827, at the IPO price of $21.00 for MBLY, we arrive at an embedded value for MBLY in INTC at $3.84. 3 Rebounding Tech Stocks That Have Proven They're Here to Stay, Intel (INTC) Q1 2023 Earnings Call Transcript, Intel Earnings: Don't Let the Stock's Reaction Fool You, Did Intel Finally Bottom? There will only be 46.26 million Class A shares, with the potential for more if the underwriters decide to exercise their options. During the trading day, Intel completed its initial public offering of former subsidiary Mobileye, a leader in the development and deployment of advanced driver-assistance systems (ADAS) and autonomous driving technologies and solutions. As a result, these positive IPOs may help ease investor fears. (Credit: Photography courtesy of Nasdaq Inc.), Mobileye CEO Prof. Amnon Shashua speaks at a ceremony to mark the start of trading at the Nasdaq Stock Market on Wednesday, Oct. 26, 2022, in New York City. Cowen, Siebert Williams Shank, PJT Partners, MUFG, Needham & Company, Raymond James, Loop Capital Markets, Blaylock Van LLC, Academy Securities, Drexel Hamilton, Independence Point Securities LLC, CICC, Cabrera Capital Markets LLC and Guzman & Company will act as co-managers for the IPO. By David Manners Intel itself is a quality investment worth paying attention to. Keep up with developments relating to space technology - satellite technology, PNT, thermal imaging, SatIoT, spaceports and more, Keep up with developments relating to the Internet of Things (IoT) - Industrial IoT, sensors, Edge AI, battery technology, SatIoT and more, View our popular Internet of Things section . We value Mobileye (Carve-Out) using the EV/sales relative valuation methodology. In July 2022, Intel significantly cut down its FY22 outlook for revenue and EPS due to a decelerating PC market and weaker product demand. Intel's decision to bring Mobileye public brings massive opportunity for Intel investors. Initial public offering builds on Mobileyes revenue growth and record of innovation and unlocks value for Intel shareholders. WebWill Intel shareholders get Mobileye shares? The size of the potential loss is limited to the funds held by us for and on your behalf, in relation to your trading account. Since then, executives have worked with everyone from Tesla (TSLA) and Volkswagen (VWAGY), to Ford (F) and BMW. This will be a powerful competitive advantage. In this video clip from "Semiconductor Revolution" on Motley Fool Live, recorded on March 3, Motley Fool contributors Billy Duberstein, Jose Najarro, and Nicholas Rossolillo discuss Mobileye's future potential; how Intel's moves are helping it keep up with competitors Taiwan Semiconductor Manufacturing, Nvidia, and Advanced Micro Devices; and what it all means for investors. (Credit: Mobileye, an Intel Company), Professor Amnon Shashua, Intel senior vice president and president and CEO of Mobileye, stands with a self-driving vehicle from Mobileyes autonomous test fleet, during an event at Nasdaq in New York City in 2021. While Intel said it had yet to determine the price range for Mobileye's IPO, Reuters has reported that the IPO could value Mobileye at "more than $50bn." Mobileye has achieved record revenue year-over-year with 2021 gains expected to be more than 40 percent higher than 2020, highlighting the powerful benefits to both companies of our ongoing partnership, Intel CEO Pat Gelsinger said. Corp (NASDAQ Its a blockbuster listing, that is expected to take Wall Street by storm. : INTC, $27.41, Market Capitalization: $112.5 billion) announced plans to carve-out its Mobileye division via an IPO into a separate publicly-traded company. Mobileye went public in 2014; it was acquired by Intel in 2017. Shashua told reporters in September he aims to deploy a fleet of about 50 vehicles in Munich that will forgo the use of a safety driver by the end of 2022. (Credit: Photography courtesy of Nasdaq Inc.), Intel CEO Pat Gelsinger joins a ceremony to mark the start of trading at the Nasdaq Stock Market on Wednesday, Oct. 26, 2022, in New York City. However, semiconductor manufacturing is a capital-intensive industry, which was one of the reasons why Intel left it behind in the past. Our target price of $29.50 per share (previously: $28.50) for INTC stock implies a potential upside of 7.6% from the current market price of $27.41 as of 10/25. Moreover, the company has granted the underwriters a 30-day option to purchase up to an additional 6.15 million Class A common shares of MBLY at the IPO price, less the underwriting discounts and commissions. (Credit: Mobileye, an Intel Company), Intel CEO Pat Gelsinger (right) and Professor Amnon Shashua, Intel senior vice president and president and CEO of Mobileye, talk at Mobileyes headquarters in Israel in 2021. Old Faithful Stocks More Than Doubled S&P 500: This Years Picks, The Power Of Rebalancing: Managing Emerging Market Volatility, Why Kimberly-Clark Is A Top Socially Responsible Dividend Stock, Reaching The Feds 2% Target Will Cost America Big, New Research Shows. Then they are trying to get their IQ Ultra system on-chip. Recently acquired Moovit as well as Intel teams working on lidar and radar development and other Mobileye projects will be aligned as part of Mobileye. We operate Mobileye quite distinctly from the rest of Intel to give it the speed and pace of operation. The San Jose, Calif.-based chip giant acquired the Israeli company in 2017 for $15.3 billion. International News, CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Thats how much the U.S. chipmaker shelled out to purchase the Israeli company four years ago in a megadeal that has failed thus far to generate a meaningful return on Intels investment. SANTA CLARA, Calif., Dec. 6, 2021 With the full support of Intels board of directors, Intel today announced its intention to take Mobileye public in the United States in mid-2022 via an initial public offering (IPO) of newly issued Mobileye stock. Correct me if I'm wrong, but Intel still going to keep a sizable stake in Mobileye, correct? Mobileye went public in 2014; it was acquired by Intel in 2017. This is a BETA experience. Its product portfolio employs a broad set of technologies, covering computer vision and machine learning-based sensing, data analysis, localization, mapping, and driving policy technology for ADAS and A.V.s. I mean, these semiconductor companies are really starting to focus in these kind of one-stop solutions for autonomous driving. Long-term investors should consider using the current weakness to add shares. See the 10 stocks Intel Foundry Services. As we announced in December, we are working to take Mobileye public to unlock shareholder value. MobileEye is currently a wholly owned subsidiary of Intel. With investors scrambling to shower money upon high-growth companies, he now believes its the right time to spin off what has already been an undervalued, underappreciated satellite flying just outside of its managerial orbit, while lifting Intels stock price in the process. When Intel floats a minority stake in autonomous driving subsidiary Mobileye next year, the magic number it will be looking for is $15.3 billion. Intels share price has been down 48% this year and itwll be hopingthat this latest spin-offwill help the chipmaker claw back some losses and see some positive share price movements. Intels long-term commitment to the automotive market is underscored by recently announced programs, including the Intel Foundry Services Accelerator and dedicated capacity for the automotive industry. Mobileye is a market leader in driver-assistance and autonomous driving solutions. The Intels global reach along with its ability to offer a geographically diverse supply chain, global manufacturing network and expertise in radar, lidar and software continues to position Mobileye for ongoing collaborative success. Its dominance of the advanced driver assistance systems (ADAS) market. Even though the Mobileye IPO will not raise much money in the current market compared to what it might have fetched in the quantitative easing bubble of late 2020 and early 2021, Intel is in desperate need of cash to fund the buildout of its capital-intensive semiconductor production business. Back when it was a public company the first time, MobilEyewas one of my first picks for this letter back around 2014 and a big money-maker. Building off of the fab industry leadership that it once held many years ago, the company hopes it can once again regain semiconductor dominance. I think Tesla's going with like the pure camera approach, I think. The spinoff would take place next year and could value the entity at $50 billion. Intel and Mobileye will continue co-development of solutions and technologies to further both companies interests in the automotive tech market. Its now an entirely different landscape than when Mobileye was public.. The latest incarnation, the EyeQ Ultra, is a monster. WebWill Intel shareholders get Mobileye shares? Mobileye has long been one of the top leaders in the burgeoning field of advanced assisted and autonomous driving, supplying technology to more than 88 million cars on the road to date. Thanks :) This thread is archived Intels stock has been battered in recent years as it However,Reuters reported back in April that the listing could value Mobileye at $50bn. Mobileye had revenues of $1 billion in the first nine months of this year and operating income of $361 million. The companys customers and strategic partners include major global OEMs, Tier 1 automotive system integrators, fleet managers, and transportation operators. Not to be left out, Ford and Volkswagen-backed Argo AI hopes to launch a pilot in Miami soon. They just revealed what they believe are the ten best stocks for investors to buy right now and Intel wasn't one of them! // Your costs and results may vary. According to Mobileyes website, customers include BMW, Audi, Volkswagen, Nissan, and General Motors. A] Intel Corp: Intel is one of the largest semiconductor chip manufacturers and the largest developer of the x86 series of microprocessors. Mobileye CEO Prof. Amnon Shashua (left) and Intel CEO Pat Gelsinger ring the bell to mark the start of trading at the Nasdaq Stock Market on Wednesday, Oct. 26, 2022, in New York City. So it's going to be pretty interesting what kind of valuation that gets. It's something to track over the next couple of years in the summer. Alphabet unit Waymo has been operating a pilot program in Phoenix, while Cruise, controlled by General Motors, is attempting to launch a service in San Francisco under far more challenging traffic conditions. During 2021 gross margins were 56%. C Intel will retain control of Mobileye by holding 750 million shares of Class B stock, which has 10 times the voting power of Class A stock. Estimates suggest Mobileye could be worth $50 billion. The company reported total revenue of $79.0 billion in FY21. Capital Com SV Investments Limited is regulated by Cyprus Securities and Exchange Commission (CySEC) under license number 319/17. Amidst a protracted global chip shortage, the U.S. government has provided domestic companies with financial incentives to build semiconductor production facilities on home soil. 2023 Capital Com SV Investments Limited. Will Pfizer Stock See Higher Levels Post Q1 Earnings? A Reuters report last December noted that the IPO could value the company at $50 billion. With the bear market going strong, it is a terrible time for companies to go public, which is why initial public offerings are down nearly 80% at this point in 2022 compared to the same time a year ago. Goldman Sachs & Co. LLC and Morgan Stanley EV/Sales Valuation: Mobileye has experienced substantial revenue growth over the past few years, and we estimate FY23 sales at $2.0 billion. We assign a 9.5x EV/Sales multiple for the Mobileye business (in line with the peer median multiple of 9.5x) to arrive at an intrinsic value of $25.00 (Previously: $24.00) per share, assuming a proforma net cash position of $0.7 billion. Jose Najarro: To me this is very crazy. Read the first ever Electronics Weekly online: 7th September 1960. Intel will remain the majority owner of Mobileye, and the two companies will continue as strategic partners, collaborating on projects as they pursue the growth of computing in the automotive sector. At Intel's (INTC -2.45%) recent investor day, the company revealed it would soon be spinning off its Mobileye subsidiary, which develops self-driving cars and driver-assist systems. When Mobileye first filed paperwork for its IPO this past March, it had already been in the works for at least a year. Learn More. In the four years since Mobileye was acquired by Intel, Mobileye has experienced substantial revenue growth, achieved numerous technical innovations and made significant investments directed to solving the most difficult scientific and technology problems to prepare the deployment of autonomous driving at scale. This article first appeared on GuruFocus. The offering did price above its targeted range Tuesday at $21 a share, however, Visit a quote page and your recently viewed tickers will be displayed here. IBM just spun off Kyndryll Embedded Value Based on Current Market Price. So not even Intel there. // No product or component can be absolutely secure. That's kind of exciting for Mobileye. Prof. Amnon Shashua and the Mobileye executive team will remain at Mobileye. Intel sees this situation as a prime opportunity to return to growth. They are entering a market where theres a huge interest in any company that is developing the future of transportation, a source close to the deal told Fortune. We then add the value of a 94.2% stake in Mobileye (valued at the IPO price of $21.00). MS The Company designs, manufactures, and sells essential technologies for the cloud, smart, and connected devices for retail, industrial, and consumer use worldwide. Headquartered in Jerusalem, Mobileye was founded by Prof. Amnon Shashua in 1999. Mobileye recently shipped its 100 millionth EyeQ system-on-chip, unveiled its. Intel Corporation (INTC) share price chart. Mobileye recently filed for an initial public offering (IPO) in the US and in a statement from Intel (INTC) it said: "Mobileye Global Inc. has publicly filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission (SEC) relating to a proposed initial public offering of its Class A common stock., The timing, number of shares to be offered and the price range for the proposed offering have not yet been determined. Intels products and software are intended only to be used in applications that do not cause or contribute to a violation of an internationally recognized human right. Intel, as majority shareholder, will continue to fully consolidate Mobileye. 2023 Fortune Media IP Limited. The idea of AV-on-a-Chip is nirvana for legacy automakers. SANTA CLARA, CA - (Photo by Justin Sullivan/Getty Images). Each share of Class B common stock will be entitled to ten votes and will be convertible at any time into one share of its Class A common stock, subject to certain conditions. Moreover, Baillie Gifford and Norges Bank Investment Management have indicated an interest in purchasing up to an aggregate of $330 million Class A common stock as cornerstone investors. I mean, it's tens of billions of dollars without even batting an eye getting dumped into their existing fabrication capabilities and new ones as well. Intels acquisition of Mobileye has been a great success. The bad timing of Mobileyes return to public markets could also mean an incredible discount for investors who are interested in the stock. We thereby retain our Hold rating on the stock. Intel shares have been under pressure after more than a decade of failed projects. The four reasons to buy Mobileye. Spinning off Mobileye doesnt mean that Intel has no ambitions to serve the automotive market. The Israeli computer vision company is readying its IPO for the first half of this year. They give a roadmap that it's, I guess it's going to be $4,000 for the cameras, lidar, and radar. These deals will account for 50 million vehicles and 188 new models going forward. According to some reports, Mobileye could be valued at more than $50 billionin GuruFocus has detected 4 Warning Sign with INTC. Mobileye reported total revenue of $1.4 billion in FY21. Mobileye has been a successful business for Intel since its acquisition. Intel initial purchased Mobileye in 2017 for $15.3 billion and has been able to drive Five years ago, Intel bought Mobileye for $15.3 billion, and since then, the self-driving business has increased its sales at a compound annual growth rate of 36%. On December 6, 2021, Intel INTC +0.6% Corp (NASDAQ NDAQ -2.1%: INTC, $27.41, Market Capitalization: $112.5 billion) announced plans to carve-out its Mobileye Intel has also confirmed that it will be offering 41 million shares of common stock, which will be priced between $18 and $20 per share. Reports claim the spin-off will value Mobileye at $16bn. Healthy proceeds from Mobileyes IPO could be just the shove these potential offerings need. At Intel's ( INTC -0.51%) recent investor day, the company revealed it would soon be spinning off its The writing seemed to be on the wall back in September. The transaction is not expected to have an impact on Intels 2021 financial targets. The latest is news that Intel plans to take Mobileye, the advanced driver assistance and automated driving subsidiary it acquired for $15 billion more than four years ago, public. Mobileye is an Israeli autonomous driving firm that Intel acquired 2017 for $15.3 billion. We apply an 11.7x multiple (~19.7% discount to its peer median multiple of 14.6x) to our 2023e adjusted diluted EPS estimate of $2.20 per share (excluding Mobileye) to arrive at a fair value estimate of $25.75 per share for the Intel (excluding Mobileye stake). // No product or component can be absolutely secure. By the middle of next year, Intel plans to carve out the Israeli firm and take it public. Following IPO, Mobileye will have two classes of authorized common stock: Class A common stock and Class B common stock. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Get our news, blogs and comments straight to your inbox! That was a huge amount of money spent on Mobileye, and yet it does not look as if they ever really worked together closely, said Stefan Bratzel, head of Germanys Center of Automotive Management, which tracks innovation in the car industry. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents. Nicholas Rossolillo owns Advanced Micro Devices, Nvidia, and Tesla. DIA In 2021, Mobileye shipped its 100 millionth EyeQ system-on-chip (SoC), scaled autonomous vehicle (AV) test programs across multiple cities around the world covering the U.S., Europe and Asia, unveiled its production robotaxi, and secured 41 new ADAS program wins across more than 30 automakers globally. Biden Attempt To Rein In China Should Make Snap Dance, Fed Expected To Raise Rates Again, The Bigger Question Is What Follows. The Mobileye executive team will remain, with Prof. Amnon Shashua continuing as the companys CEO. video-js.video-js.vjs-fluid:not(.vjs-audio-only-mode) {padding-top: 56.25%;}, 10 stocks we like better than IntelWhen our award-winning analyst team has a stock tip, it can pay to listen. Mobileyes ADAS products form the building blocks for higher levels of autonomy. Sign up for the Electronics Weekly newsletters: Mannerisms, Gadget Master and the Daily and Weekly roundups. Mobileye,a specialist in computer vision for self-driving cars and advanced driver assistance systems (ADAS), went public in 2014; it was acquired by Intel in 2017 for $15.3 billion. In 2021, Mobileye shipped its 100 millionth EyeQ SoC, scaled autonomous vehicle (AV) test programs across multiple cities around the world covering the U.S., Europe and Asia, unveiled its production robotaxi, and secured 41 new ADAS programme wins across more than 30 automakers globally. We've scanned the very first edition so you can enjoy it. Moreover, due to anticipated tepid 3Q22 earnings and recent curbs on exports to China, we have lowered our estimates for Intel Corp. We value Intel Corp. (INTC) using P/E relative valuation methodology on our revised 2023e forecasts. to focus on its core business by streamlining its operations. Its dominance of the advanced driver assistance systems (ADAS) market. We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. The Mobileye unit is eying an over $50 billion valuation in its anticipated 2022 IPO. At the time of the deal, Intel had been steadily ceding its share of the global semiconductor market to leaner companies like Qualcomm, which focused on surging demand for smartphones rather than traditional desktop PCs. New public offerings already have a reputation of tanking soon after hitting the market due to the fading of market enthusiasm as well as options being exercised by underwriters and insiders. The sale of these shares will not be registered under the Securities Act of 1933, as amended. According to a Tuesday filing, Mobileye is targeting an IPO that would value it at $15.9 billion, or about $18 to $20 per share. At a price of $55.91, Intel shares trade at only 15.1x forward earnings and 2.9x sales. Wells Fargo equity analysts calculated that a $19 IPO price would mean that Intel holds about $14.5 billion worth of Mobileyes valuation, worth about $3 to $4 a share Mobileye relies on its own proprietary technology rather than on incorporating know-how from Intel. You may opt-out by. // Intel is committed to respecting human rights and avoiding complicity in human rights abuses. Overall, while lower-than-expected proceeds from the Mobileye IPO would mark bad news for Intel, it is arguably better than keeping a cash-burning company on its balance sheet when what it needs right now is cash. On 10/25, Mobileye Global Inc announced its initial public offering of 41 million shares of its Class A common stock at an IPO price of $21.00 per share, which is above the previously announced pricing range of $18-$20 per share. More recently it has been ceding market share in personal computers to Advanced Micro Devices (AMD). Gelsinger anticipates the amount of chips built into an upscale U.S. Bank Failures Are Fueling Crypto Adoption, Restaurant Brands Stock To Likely See Little Movement Post Q1, Three Essential Survival Tips If You Are Investing In Bonds, The Fed And Apple Highlight A Busy Week Ahead, JPMorgan Buys First Republic With Lessons To Consider From 2008. This is a controversial approach, however, not least because of its reliance on U.S. customers to develop the technology rather than professional safety drivers. Nvidia countsMercedes-Benz and Volvo Cars as customers of its autonomous driving chipsets, while Qualcomm recentlyinked a deal with BMWin addition to its leading position in semiconductors that run automotive infotainment features. Honda Motors used MobileEye sensors in March 2021 to launch the first level 3 system in Japan. Mobileye provides for developing computer vision and machine learning-based sensing, data analysis, localization, mapping, and driving policy technology for advanced driver assistance systems (ADAS) and autonomous driving. Intel will continue to support Mobileye with technical resources to deliver industry-leading sensor technologies, while Mobileyes strength in the automotive sector will continue to enable Intel to address the automotive sectors fast-growing silicon BOM opportunity. The transaction is not expected to have an impact on Intels 2021 financial targets. Going forward, Intel is betting on its Foundry business to become a huge success, and the company is planning to invest heavily in R&D over the next few years. The (Credit: Mobileye, an Intel Company), Intel CEO Pat Gelsinger (left) and Professor Amnon Shashua, Intel senior vice president and president and CEO of Mobileye, tour Mobileyes new campus under construction in Israel in 2021. To learn more about Intels innovations, go to newsroom.intel.com and intel.com. Well, Nvidia also has a full system and now what's coming into mind is AMD just recently finished the acquisition of Xilinx, who also has a few chips that work in the automotive market. New CEO Pat Gelsinger admitted Tuesday that his company has had a mixed history when it comes to acquisitions, adding Intel proved unable to convince equity markets of the rationale behind the deal. Intels acquisition of Mobileye has been a great success. Estimates suggest Mobileye could be worth $50 billion. Thanks :). (Credit: Photography courtesy of Nasdaq Inc.), Mobileye and Intel company leaders gather outside of the Nasdaq Stock Market on Wednesday, Oct. 26, 2022, in New York City. Its stable growth rates. The net proceeds from the offering to Mobileye are expected to be ~$0.8 billion, excluding any exercise of the underwriters option to purchase additional shares. As the large majority owner of Mobileye, the new operating model is frankly not all that different from what we do today, Gelsinger told reporters on Tuesday. No longer would the Israeli company be viewed as just a simple supplier to the automotive industry, but rather a technology leader in its own right. Intel currently owns 100% of Mobileye shares and is expected to retain majority ownership following the completion of the IPO. (Credit: Photography courtesy of Nasdaq Inc.), Mobileye and Intel company leaders gather during an event to mark the start of trading at the Nasdaq Stock Market on Wednesday, Oct. 26, 2022, in New York City. Announced in December 2021, the IPO was presented as a way to unlock the value of Mobileye for Intel shareholders and build on Mobileyes track record of innovation and success. The key for Intel is that it will receive $3.5 billion in proceeds from the IPO and retain control of the company through its share structure. Just wondering if Intel shareholders would receive any mobileye shares if Intel decides to take them public. Management at the time hailed the deal as one that would put Intel in the drivers seat, creating a foundation on which the future of autonomous driving will be built. Now it looks as if it will settle for recouping its investment. The offering is expected to close on October 28, 2022, subject to customary closing conditions. Its stable growth rates. Investors should get ahead now by buying Intel (INTC), its parent company. Following the announcement, which came after the close of regular trading Monday, Intel's shares (Nasdaq:INTC) jumped $4.21, or 8.3%, to $55.20 a piece. Over the past five years, Mobileye has grown sales at a CAGR of 36%, and if it can keep up anything close to this pace, it has the potential to grow faster than the broader self-driving vehicle market. Archived post. IFS is a fully vertical, standalone foundry business that offers a wide range of manufacturing services to meet unique product needs, including its industry-leading sort and test capabilities. on 3 October, the groups stock has been up 2%. As part of the IPO, Intels mobility services brand Moovit AV will be reassigned to Mobileye, effectively bundling all robotaxi-relevant operations with the new entity to make it more attractive as an autonomous-driving tech play for investors. These production facilities, which not only produce chips for their own company but also for other companies, are called fabs. We are making good progress and well share more as we go through the year.. Warning! Mobileye generated revenue of $1.4 billion in FY21, up 43% YoY compared to FY20, and a record 41 new program wins with more than 30 leading automakers worldwide. The Mobileye unit is eying an over $50 billion valuation in its anticipated 2022 IPO. The Mobileye executive team will remain, with Prof. Amnon Shashua continuing as the companys CEO.
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